电力信息化迈入新时代，带来业务新增长

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [22]. Core Insights - The company's 2023 performance met expectations, with steady growth across all business segments, achieving a revenue of approximately 1.062 billion yuan, a year-on-year increase of 22.96% [23][41]. - The company is focused on customer needs, continuously innovating and developing new products, including breakthroughs in smart grid technology and energy management systems [11][18]. - The company is expanding its market presence beyond Jiangsu province, with significant revenue growth in regions such as Beijing, Anhui, and Fujian [17][41]. - Future profit projections indicate a net profit of 333 million yuan in 2024, 429 million yuan in 2025, and 565 million yuan in 2026, with corresponding P/E ratios of 17.07, 13.22, and 10.04 [18][41]. Financial Statements and Profit Forecast - The company reported a net profit of 247 million yuan for 2023, with expectations of 333 million yuan in 2024, 429 million yuan in 2025, and 565 million yuan in 2026 [28][47]. - Revenue is projected to grow from 1.062 billion yuan in 2023 to 1.384 billion yuan in 2024, 1.791 billion yuan in 2025, and 2.325 billion yuan in 2026, reflecting a compound annual growth rate of approximately 30.3% [28][47]. - The gross profit margin for the company is expected to remain stable, with 39.1% in 2023 and slightly decreasing to 37.4% by 2026 [28][47].